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How to Share Assessment Of Condition Of Rental Property

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In this video, Chad Carson explains how to analyze rental properties simply and effectively, without needing fancy calculators or spreadsheets. He invites viewers to observe his process as he demonstrates the approach and formulas he uses to determine whether a rental property is a good deal. Chad emphasizes that the analysis can be done on basic materials, like a napkin or piece of paper. As a real estate expert and author of "Retire Early with Real Estate," he aims to help viewers achieve financial independence through real estate investing. He encourages viewers to subscribe to his channel for more insights.

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do I write a letter of consideration for a rental property?

What to Include in a Rental Cover Letter Summarize Your Employment History. A landlord is far more likely to rent to someone with steady employment they need the tenant to be able to pay rent every month. Share Your Hobbies. Discuss Your Thoughts on What Makes a Good Neighbor. Explain Why You Want To Live in This House.

How do you assess the rental value of a property?

Also known as GRM, the gross rent multiplier approach is one of the simplest ways to determine the fair market value of a property. To calculate GRM, simply divide the current property market value or purchase price by the gross annual rental income: Gross Rent Multiplier = Property Price or Value / Gross Rental Income.

How often should a landlord replace carpets?

A good quality carpet in rental property should last for about 10 years with normal wear and tear. When a carpet wears out and it has not been damaged by the tenant, the landlord is usually responsible for replacing it.

What is the life expectancy of carpet in a rental property?

Under California landlord-tenant guidelines, a carpets useful life is eight to 10 years. Then the cost of replacing the carpeting would have to be prorated over a 10-year period. The cost of replacing the carpet after 10 years is the responsibility of the landlord.

How often do landlords have to replace carpet in Michigan?

Generally speaking, most courts will set the carpets life span at 10 years; so, the carpet would have to be depreciated by the number of years it has been in service to determine charges.

What is considered normal wear and tear on a rental property in Michigan?

Normal wear and tear in Michigan is defined as deterioration that occurs from the intended use of the rental unit and without negligence, carelessness, accident, misuse, or abuse of the premises or contents by the tenant, members of the household of the tenant, or the invitees or guests of the tenant.

Can I sue my landlord for emotional distress in Michigan?

Yes. Under Michigan law, an tenant or rental injured due to the negligence or fault of a landlord or property manager can sue for the emotional distress they caused. This is also known as a pain and suffering or a negligence lawsuit.

How often do landlords have to replace carpet Michigan?

Generally speaking, most courts will set the carpets life span at 10 years; so, the carpet would have to be depreciated by the number of years it has been in service to determine charges.

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